From Iii.co.uk: New Zealand house prices fell sharply in the year to September, reflecting an economy in recession and little prospect for a speedy recovery, government agency Quotable Value (QV) said.
QV's residential house price index fell 5.8 percent in the month from a year earlier, its third monthly decline in a row, after a 4.5 percent drop in August and a 2.2 percent fall in July. Uncertainty about the impact of the global credit crisis, banks tightening lending criteria and a lull prior to the Nov. 8 general election were all reducing demand and pushing down prices, said QV's Mark Dow..... Full Article: Source